Spotify is hiking its prices again

New York (CNN) — Spotify is expanding its prices again, little than a twelvemonth aft it past hiked prices for astir of its subscription plans.

The latest value hike comes arsenic streaming media companies look quickly expanding costs of doing business – and customers continued to sour complete rising prices of equipment arsenic ostentation remains stubbornly high.

Beginning successful July, Spotify’s US subscribers will salary $1 much per period for its ad-free premium plan, rising to $11.99 per period — a 20% summation complete nan past 2 years. The audio streamer said that it’s expanding prices to “continue to put successful and innovate connected our merchandise features and bring users nan champion experience.”

Some of Spotify’s different tiers are besides getting value bumps. The monthly costs of Duo, a scheme that lets 2 group divided a premium plan, is rising by $2, to $16.99. The family scheme is expanding prices by $3 to $19.99 per month.

Spotify precocious accrued subscription prices for world subscribers, trim costs and underwent respective rounds of layoffs including drastic reductions to its podcast business.

Streaming, some euphony and television, is getting gradually much costly for everyone arsenic companies proceed nan elusive hunt for profits. Paramount, CNN’s genitor institution Warner Bros. Discovery, NBCUniversal and moreover Netflix person each raised prices successful nan past twelvemonth successful a thrust towards profitability.

Shares of Spotify (SPOT) accrued much than 2% successful premarket trading, and nan banal is up astir 60% for nan year.